Snowflake is ripping after its earnings report. Two analysts say there's more upside to come

Snowflake soared following its strong earnings results, and two analysts don't see that momentum easing.

Morgan Stanley and Bank of America have an overweight and buy rating on Snowflake, respectively. The banks also raised their price targets to $470, suggesting nearly 54% upside from Wednesday's close.

Morgan Stanley previously had a $300 price target on the stock, while Bank of America had a $395 target on it. "Third straight [quarter] of acceleration against a tough compare + high expectations underscore just how well AI is monetizing and driving greater consumption in the core platform," Morgan Stanley analyst Sanjit Singh said Thursday in a note to clients.

"With execution remaining strong, and line of sight to 40% growth in the [the second half of this year], we remain [overweight on Snowflake]." Shares of Snowflake were last up 24% in premarket trading on Thursday after the data analytics software firm reported Wednesday better-than-expected quarterly financial results and forward guidance.

The company posted adjusted earnings of 62 cents per share for its fiscal second quarter, well above the 45 cents anticipated by analysts polled by LSEG. It also grew its revenue 35% on a year-over-year basis to $1.55 billion. That figure was higher than the Street's consensus estimate of $1.5 billion.

SNOW YTD mountain Shares have risen 39% in 2026. Executives also said they see $1.59 billion in product revenue for the third fiscal quarter, topping the $1.5 billion FactSet consensus. That elevated expectation for product revenue in the near-term is particularly bullish for shares of Snowflake, per Bank of America.

"The key debate into the print was whether Product revenue could keep accelerating," Bank of America analyst Koji Ikeda wrote in a Thursday note to clients. "It did, and [fiscal third quarter] guidance implies further acceleration." Both Wall Street analysts' calls fall in line with consensus.

Of the 52 analysts covering Snowflake, 46 have a buy or strong buy rating on the stock, LSEG data shows. The stock is up 39% year to date.